In broad strokes and
fine detail, officials have revealed how they will pay $340 million for
"the biggest project in the history" of Lincoln, Neb. -- turning a
windswept rail yard into a home for a new downtown arena, the Lincoln Journal
Star reports.

Among the broad
strokes: For the first time, the city disclosed the price to move three
railroads from the edge of the Haymarket: $51 million. The deal with the
railroad also includes paying for a new Amtrak station and closing a pair of crossings
on J Street. Partnership possibilities that were floated as possible components
of the arena plan could change somewhat. The city would still partner with the
University of Nebraska-Lincoln, which would agree to play men's and women's
basketball games at the arena for at least 30 years.

But the city has
opened the door to creating a sports marketing partnership with a company other
than International Stadia Group, which had been mentioned repeatedly as the
vision of a new arena evolved.

The city calculated
it would pay $207,000 to plant grass and $265,500 to restore rail yard
canopies.

In what Mayor Chris
Beutler called "a very solid financial plan," officials detailed what
the arena will cost, and how the city will pay for it. A new arena has
topped Beutler's agenda and that of many civic and business leaders for some
time. Pershing Auditorium is viewed by many residents as no longer adequate to
the needs of a growing city. A new arena and surrounding improvements would
fuel economic development and provide jobs, proponents say.

The city and UNL
plan to form a joint public agency, which would issue general obligation bonds
to finance the arena and supporting infrastructure. The city would own the
16,000-seat arena. Husker basketball teams would play in it. The city would
repay about half the debt through higher hotel, bar, restaurant and car rental
taxes. Arena revenue would pay another quarter of the debt.

The city also
disclosed the cost to move railroad tracks out of the way. The city would pay BNSF
$45 million to move -- $1 million for the land and the rest for relocation
costs. The city would also swap 18 acres of its land for 41 acres of BNSF
property. The city has tentatively agreed to pay Union Pacific $2.8 million to
move out of 14 acres. Also, the city would pay to rehab UP's bridge over Salt
Creek to accommodate trains traveling at 40 mph.

The agreement
requires the city to close rail crossings south of the Haymarket district - on
J Street, at Second and Third -- and release BNSF from legal liability for any
environmental damage.

The city would pay
$1.7 million to move and rebuild the Amtrak station.